Mercedes-Benz revenue dips in Q3

Passenger car sales and revenue for Germany's luxury automaker Mercedes-Benz declined slightly in the third quarter (Q3) of this year, the company said on Thursday.

Overall sales of Mercedes-Benz cars in Q3 amounted to 510,600 units, a decline of 4 percent year-on-year, while revenue dropped by 1.4 percent.

Meanwhile, sales of Mercedes-Benz vans in Q3 were almost flat compared to last year, up just 1 percent to 105,100 units.

However, the electric car segment of the company maintained its strong momentum. Sales of battery electric vehicles went up sharply by 66.2 percent year-on-year, to 61,621 units in Q3.

"The team at Mercedes-Benz delivered solid results despite a challenging environment," said Harald Wilhelm, Chief Financial Officer of Mercedes-Benz Group AG.

The company expects its Revenue and Earnings before Interest and Taxes in 2023 to remain the same as 2022.